Clarivate's $5.3bn purchase of ProQuest completed

Scientific and academic analysis firm Clarivate has completed its acquisition of US information and technology company ProQuest, for $5.3bn (£4bn).

The deal, which sees ProQuest acquired from investment firm Cambridge Information Group and other partners, was expected to close in the third quarter of 2021, pending regulatory approval. However, in an announcement tied to an exchange offering for a series of notes in August, Clarivate said the closing date for its acquisition of ProQuest had been extended to 31st December 2021 due to a second request for documents and other information from the Federal Trade Commission, which reviewed the purchase to ensure it doesn’t raise antitrust issues.

Jerre Stead, executive chairman and c.e.o. at Clarivate, said: “We are delighted to complete this transaction, advancing our position as a world-leading information and analytics provider fueling discovery and innovation by empowering research-focused organisations around the globe. Acquiring ProQuest gives Clarivate a compelling opportunity to offer multi-disciplinary curated content from one of the world’s largest collections.”

He continued: “Both companies are built on great people with deep industry, subject matter and technical expertise. Together, we now have over 11,000 colleagues serving 45,000 customers in 200-plus countries around the world. Our future success depends on unlocking the tremendous potential of our newly united team.”

Andy Snyder, previously chairman of ProQuest and now vice-chairman of Clarivate and c.e.o. of Cambridge Information Group, said: “I’m confident that combining these highly complementary businesses with a rich heritage, deep domain expertise and great people will provide customers with great additional value and innovation that they can continue to rely on. I’m looking forward to working with both organisations to build a world leader in research and innovation.”

Clarivate said it will continue to invest in both existing product portfolios and "looks forward to pursuing multiple product and data integration opportunities".